Saturday, December 22, 2007

Have a car to donate?

If you have a car to get rid of, you might be considering donating it to a charitable cause and getting a tax break. You should know, most of the time you can't write off the fair market value; you can only write off whatever the charity gets for the car when they sell it at auction, which will be far less than the fair market value. But, if you donate it to Vehicles for Change, they generally don't sell the car -- instead, they give it to a person who desperately needs one in order to get to/from work. The person gets a car and a way to improve his/her life, and you get to write off the entire value of the car. (Unless the car is so old or broken that they have to sell it at auction. Then your write off is less.) We did this a few years ago and it was very easy and stress free.

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